Evaluation Criteria

The economic benefits of the project in creating and/or maintaining employment

The economic viability of the funded company

The promoter’s expertise and experience in the field as well as his management knowledge and skills

The banker’s collaboration in the short term

Not eligible or in partnership with Investissement Québec or the Business Development Bank of Canada

Conditions

Amount of $10,000 to $25,000 in loans

Amount of $1,500 to $7,500 in grants

Funding for 30% of the loan granted until the funds run out

Financing rate – 3%

Possibility of full or partial repayments after 6 months

Loss of prepayment possibility on all outstanding FLI and/or FLS loans prior to the repayment of the V-19 Assistance Program

Amortization 60 months

6-month capital and interest moratorium

Unsecured

FLI Emergency Assistance Program for SMEs

This program aims to support, for a limited period, eligible businesses that are experiencing financial difficulties as a result of COVID-19 and that require less than $50,000 in cash.

Eligibility Criteria

The following companies are eligible to the program:

Companies from all sectors of activity;

Social economy enterprises, including cooperatives and non-profit organizations engaged in commercial activities.

To be eligible, the business must:

Have been in operation in Québec for at least one year on the date of application

Not be under the protection of the Companies’ Creditors Arrangement Act (R.S.C., 1985, c. C-35) or the Bankruptcy and Insolvency Act (R.S.C., 1985, c. B-3)

Demonstrate the causal link between its financial or operational issues and the COVID-19 pandemic as follows:

The company is temporarily closed, is likely to close or is showing signs of closure; and/or

The company is in a context of maintaining, consolidating or relaunching its operations.

Conditions

This program comes in the form of loans of up to a maximum of $50,000, at an interest rate of 3% and has a 3-month moratorium period on capital and interest. Borrowers should expect an amortization period of 36 months, excluding the payment moratorium.

File an Application

Whether it is for the V-19 Assistance Program or the FLI Emergency Assistance Program, the contractor will have to submit the form provided below along with the required documentation via email to: jlessard@developpementvs.com